<p>IT services firm Happiest Minds Technologies Ltd on Wednesday said its initial public offering (IPO) will start on September 7, and the price band has been fixed at Rs 165-Rs 166 per equity share.</p>.<p class="bodytext">The offer, which will close on September 9, comprises a fresh issue of Rs 110 crore and an offer for sale aggregating up to 35,663,585 equity shares, which include 8,414,223 equity shares by Ashok Soota (promoter) and 27,249,362 equity shares by CMDB II, the company said.</p>.<p class="bodytext">CMDB II will exit Happiest Minds after the completion of the IPO. Bids can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter. The face value of a scrip is Rs 2 and the shares are proposed to be listed on both the BSE and the National Stock Exchange of India.</p>.<p class="bodytext">ICICI Securities Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers to the offer.</p>.<p class="bodytext">"We are 'Born Digital, Born Agile'... 97 per cent of our revenues come from digital services... Digital is growing much faster than the traditional market and, therefore, we are able to grow at 20-plus per cent compounded whereas the industry has come down to 8-10 per cent," Soota said in a virtual conference.</p>.<p class="bodytext">He added that while COVID-19 has hit the world and the information technology industry, about 76 per cent of the company's business saw no or marginal impact.</p>.<p class="bodytext">Soota noted that 42 per cent of the company's revenue came from education and hi-tech verticals and that it has limited presence in the travel and hospitality segment which are among the worst-hit.</p>.<p class="bodytext">While there are concerns around the timing of the IPO, the company is confident of being able to make up for that with its strong performance, he added.</p>.<p class="bodytext">Happiest Minds will use the proceeds from the IPO to meet long-term working capital requirement and general corporate purpose. Its total income for the year ended March 2020 stood at Rs 714.2 crore and has over 2,600 employees.</p>
<p>IT services firm Happiest Minds Technologies Ltd on Wednesday said its initial public offering (IPO) will start on September 7, and the price band has been fixed at Rs 165-Rs 166 per equity share.</p>.<p class="bodytext">The offer, which will close on September 9, comprises a fresh issue of Rs 110 crore and an offer for sale aggregating up to 35,663,585 equity shares, which include 8,414,223 equity shares by Ashok Soota (promoter) and 27,249,362 equity shares by CMDB II, the company said.</p>.<p class="bodytext">CMDB II will exit Happiest Minds after the completion of the IPO. Bids can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter. The face value of a scrip is Rs 2 and the shares are proposed to be listed on both the BSE and the National Stock Exchange of India.</p>.<p class="bodytext">ICICI Securities Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers to the offer.</p>.<p class="bodytext">"We are 'Born Digital, Born Agile'... 97 per cent of our revenues come from digital services... Digital is growing much faster than the traditional market and, therefore, we are able to grow at 20-plus per cent compounded whereas the industry has come down to 8-10 per cent," Soota said in a virtual conference.</p>.<p class="bodytext">He added that while COVID-19 has hit the world and the information technology industry, about 76 per cent of the company's business saw no or marginal impact.</p>.<p class="bodytext">Soota noted that 42 per cent of the company's revenue came from education and hi-tech verticals and that it has limited presence in the travel and hospitality segment which are among the worst-hit.</p>.<p class="bodytext">While there are concerns around the timing of the IPO, the company is confident of being able to make up for that with its strong performance, he added.</p>.<p class="bodytext">Happiest Minds will use the proceeds from the IPO to meet long-term working capital requirement and general corporate purpose. Its total income for the year ended March 2020 stood at Rs 714.2 crore and has over 2,600 employees.</p>